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by Stockwatch Business Reporter

The TSX Venture Exchange gained 4.11 points to 673.59 Thursday. Sokhie Puar's shell graduate, Candelaria Mining Corp. (CXX: $0.15), plans to acquire the Caballo Blanco gold project in Mexico from Timmins Gold Corp. (TMM: $0.475) for $12.5-million (U.S.) cash, to be paid in stages over the next year. Candelaria will also assume a $5-million (U.S.) contingent liability owed to Goldgroup Mining Inc. (GGA: $0.16).

It was Goldgroup that sold Caballo Blanco to Timmins in December, 2014. At the time, Goldgroup had been stuck in the environmental permitting phase for about three years. Goldgroup sold the property for $10-million (U.S.) cash and 16,065,000 shares of Timmins.

In February, 2016, Timmins said it was "engaging with government authorities, community members and local stakeholders, and preparing for the permitting process." Well, it has changed its mind. Both Timmins and Goldgroup already have producing gold mines in Mexico, but they decided to pass on the work needed to turn Caballo Blanco into one such producing mine. Perhaps Candelaria will have better luck with permitting.

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